Cracking Down on Money Laundering in Real Estate

Doug Bourassa, partner in our Litigation & Dispute Resolution and Commercial Real Estate Groups, will be speaking at the Canadian Institute's 24th Annual Canadian Forum on Anti-Money Laundering and Financial Crime. He will be speaking with Jeffrey Simser, Former Legal Director of the Ministry of the Attorney General, on "Cracking Down on Money Laundering in Real Estate."

With FINTRAC and the Canada Revenue Agency issuing an Operational Alert in August of 2024, the real estate sector is under heightened scrutiny for transactions that may hide proceeds from illegal activities. As of October 2024, mortgage lenders, administrators, and brokers are now subject to the Proceeds of Crime and Terrorist Financing Act, signaling a shift in compliance expectations. Topics of discussion include:

• Identifying red flags and suspicious transactions in real estate
• Bolstering compliance programs to meet new AML requirements
• Supporting mortgage and real estate professionals in navigating heightened regulatory scrutiny
• Addressing challenges in implementing FINTRAC’s Operational Alert within the industry

For more information, please visit the Canadian Institute's website.